Bid Corporation (BID) Trading update summary

Trading performance

• For the four months to October 2026, revenue grew 2.4% in constant currency (CC), fell 4.3% in rand, and was reduced 7.7% by currency translation; growth reflected real volumes and negligible food inflation.

• Trading profit rose 8.2% CC and 1.6% in rand; HEPS increased ~10.0% CC and 3.2% in rand.

• Conditions tightened as the period progressed amid subdued consumer spending, higher energy and fuel costs, geopolitical uncertainty and weakening economic growth.

• Gross profit percentage improved to ~25.0% from 24.0%, supported by portfolio choices, sourcing and vertical integration; cost of doing business rose to 19.1% of net revenue from 18.5% amid higher diesel, energy and labour costs.

• EBITDA margin before IFRS 16 improved to 6.6% from 6.1%; the estimated clean tax rate was 27.0%, at the high end of guidance.

Regional performance

• Australasia revenue grew 4.5% and trading profit 6% CC; Australia continued to improve, while New Zealand started F2027 positively with improved efficiency, added capacity and the Pacific Islands acquisition.

• UK revenue grew 3% and trading profit increased >10% CC; core Bidfood gained share, while CFBG remained affected by weak hospitality demand.

• Europe revenue rose ~2% and trading profit 6% CC; food deflation was ~1% through September. Eastern Europe and Italy recorded good profit growth, while Spain and Portugal focused on building scale.

• Emerging Markets revenue was flat and trading profit rose 14% CC; South Africa maintained momentum, Singapore continued its recovery, Middle East volumes rebounded and Greater China remained challenging.

Financial performance

• Q1 F2027 average working capital days were ~9, two days better YoY; working capital was well managed and within expectations.

• Net capital investment, including acquisitions, was ~R1.3bn to September, R1.3bn below the prior period; free cash outflow was in line with the comparative period.

• Free cash flow was similar to the prior period, and the balance sheet remained conservatively geared with substantial liquidity headroom.